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Iraq is still struggling to overcome the economic effects of war and armed actions and political rifts and fragile security situation. For the emerging banking sector, the challenges do not stop at the border.

According to the official website of the Central Bank of Iraq, there are seven banks in the country and 32 private banks and foreign banks, but analysts say there are some State banks – particularly the Rafidain and Rasheed – controls 90% of the banking business.

The name says Khalil al-Salem, Executive Director of capital Bank in Jordan, who owns 72% of the National Bank of Iraq "the fact that General banks had been given the opportunity to take advantage of the huge public sector funds, it is natural that the marginalization of Iraqi private banks, resulting in a loss of confidence by consumers who fear that the collapse of private banks, the major challenge for the growth of private banks.

The other says supporter makhlouf, Regional Director of Middle East and North Africa operations of the International Finance Corporation (World Bank unit that oversees the private sector) "there is no level playing field in Iraq that most agencies and State corporations – and staff – are restricted in their dealings with private banks and deals only with General banks.

As a result, the private sector — consisting of almost 40 banks – very small and limited credit activity ".

Because public banks to access public funds the capital good, the private banks should strive to get deals on infrastructure competition protector in the manufacturing and construction sectors.

And compounding the difficulties, the Central Bank two years ago, the law sets minimum capital requirements for all Iraqi banks at $ 215 million, will be implemented in June of this year.

Tawfiq tabbaa says co-director at ivrshidz international law "there is a big issue concerning capital adequacy in private banks and request the Central Bank raise capital gradually, there may be significant among these banks merge, and maybe some banks closed their doors, and was integrated into the banks or to buy other banks.

If we add to this the costs of applying risk management and measures to combat money laundering and the difficulty of running native Bank in Iraq, the task looks daunting.

However, several foreign banks have expressed a recent interest in entering the market in Iraq and pursue funding opportunities for projects in a country that has a lot of untapped potential. Among the banks,

Standard Bank chatrd, which gets 90 percent of its profits and revenues from consumer banking services in Asia, Africa and the Middle East. In other steps, the Bank plans to open three offices in Iraq.

The Bank's representative office in the northern Iraq city of Irbil.

In order to expand the activities of its clients within Iraq, the Bank introduced this year a request to the Central Bank of Iraq to obtain licenses to expand library in Erbil to the branch and to open an Office in Baghdad, followed by another branch in the southern city of Basra in 2014.

The Bank also plans to recruit an Executive Director in Baghdad to oversee its work in Iraq.